employment there is no track record for the business creating income. Most lenders, even if they will accept one year of self- employment, will require two years in the same industry. 5. Don’t Co-Sign a Loan When you become a co-signer on a loan, you take on responsibility for ensuring the payments are made. Even if you are not repaying the loan yourself, you are responsible for the entire amount of the new debt which will alter your Debt-to- Income ratio. 6. Don’t Apply for New Credit Whether you’re applying for a new credit card or a vehicle loan, or initiate a third-party credit check for new cell phone service, new internet service, etc. causing your credit history to be checked across multiple channels, it will impact your credit score. Your credit score is an important element of your eligibility for a particular loan program and your interest rate. 7. Don’t Close Your Credit Accounts Closing credit and charge cards can have several consequences. A significant element of your credit report is the depth and length of your credit history. Closing accounts can increase your Debt-to Income ratio and diminish your credit history potentially lowering your score. 8. Don’t Miss Your Payments Missing a bill or a late payment will impact your credit score. Even one late payment can decrease your credit score to the point where you will no longer be eligible for a particular loan. If you want to ensure the integrity of your credit profile, make sure you pay your bills on time. 9. Don’t Consolidate Your Bills Consolidating debt is a common practice and can help with managing monthly bills. However, even if the new monthly
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